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What Is Strategic Sourcing?

Strategic sourcing is a supply chain management process in which an organization compounds its purchasing power and leverages it to get the best values in the market. This collaborative process enables a business to align its procurement strategy with its overall goals.

Why Is Strategic Sourcing Important? Cost Control

For most businesses, 60% of revenue…

Demand forecasting is the estimate of expected customer demand based on historical sales data. Despite the dichotomy of factual input and intuitive approximations that come into play, demand forecasting software has made this volatile field more accurate with aggregate forecasts. The role of demand forecasting in supply chain management touches on strategic business planning. Demand forecasting…

When it comes to retail, increasing sales is a perpetual goal. Whether you just had your best year yet in terms of sales or your business could use a boost, you should always be brainstorming how to increase sales in retail. So how do you actually increase sales in retail? Here are a few traditional and new ways to do so.

Connect With Your Customer

It all starts with your customer.…

Traditionally, supply chain management focused on efficiency. The goal was to give quality at the lowest cost attainable and to deliver it fast. Today’s consumer is turning this model on its head. Not only are they paying keen attention to the sustainability and ethical practices of sourcing and production, but they also want a wide variety of options to choose from. They want perks such as overnight…

We are all familiar with the adage “There’s nothing new under the sun”. The gaps between new and existing products seem to be steadily shrinking. Companies can no longer sit on old product lines and expect to reap revenue from them for years. In this age of cheaper and convincing dupes, businesses must constantly innovate and differentiate their products. Enter, the product development strategy.

Product…